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8 - Conclusion

Published online by Cambridge University Press:  14 May 2010

Ralph Paprzycki
Affiliation:
Hitotsubashi University, Tokyo
Kyoji Fukao
Affiliation:
Hitotsubashi University, Tokyo
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Summary

Globalization through the international movement of goods, services, and factors of production is a key force driving economic growth. Japan's own historical experience provides ample illustration of this observation. Foreign direct investment (FDI) played a vital role in the country's early industrialization, providing not only capital but, crucially, also much of the technology, know-how, and managerial skills that underlie the development of the electrical machinery, motor vehicle, and machine tool industries during the first decades of the twentieth century. Similarly, exports (incidentally largely concentrated in these industries) were a main engine of growth in Japan's postwar economic miracle, with imports supplying the necessary raw materials. More recently, the relocation of production through overseas direct investment has helped Japanese firms to bolster their international competitiveness, first as a way to mitigate the impact of rapid yen appreciation during the 1980s and, more recently, as a means to take advantage of lower production costs in China and other parts of the world.

Although Japan has clearly benefited from globalization, the country's attitudes toward economic integration with the rest of the world have always been ambivalent. With the exception of that brief period of relative openness at the beginning of twentieth century, Japan has been reluctant to open its economy to imports and inward FDI, viewing them, in general, as a threat rather than as a boon.

Type
Chapter
Information
Foreign Direct Investment in Japan
Multinationals' Role in Growth and Globalization
, pp. 242 - 254
Publisher: Cambridge University Press
Print publication year: 2008

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  • Conclusion
  • Ralph Paprzycki, Hitotsubashi University, Tokyo, Kyoji Fukao, Hitotsubashi University, Tokyo
  • Book: Foreign Direct Investment in Japan
  • Online publication: 14 May 2010
  • Chapter DOI: https://doi.org/10.1017/CBO9780511753992.008
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  • Conclusion
  • Ralph Paprzycki, Hitotsubashi University, Tokyo, Kyoji Fukao, Hitotsubashi University, Tokyo
  • Book: Foreign Direct Investment in Japan
  • Online publication: 14 May 2010
  • Chapter DOI: https://doi.org/10.1017/CBO9780511753992.008
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Conclusion
  • Ralph Paprzycki, Hitotsubashi University, Tokyo, Kyoji Fukao, Hitotsubashi University, Tokyo
  • Book: Foreign Direct Investment in Japan
  • Online publication: 14 May 2010
  • Chapter DOI: https://doi.org/10.1017/CBO9780511753992.008
Available formats
×